Grantor trust reporting
01/07/09 7:15am PST, Viewed by asker 02/24/09 5:27am PST
Total Views: 1,386
How do I get the 1041 for the overall trust to print with a Grantor Agency Report for each grantor in Lacerte. It is currently giving me an entire 1041 for each grantor which is not the method used by this trust in prior years.
Answer
When the Entity Type is set to Grantor Trust in Client Information screen 1, Lacerte will print a Grantor 1041 with a message stating "all income is taxable to the grantor as set forth under sections 671 - 678 IRC" on the first page, the Other Information questions answered on the second page, and if desire, a list of Grantor Names and addresses on a third page. It will also print a Grantor Letter containing all of the income, deductions, and credits taxable to each Grantor according to the Grantor distribution percentages entered in Grantor Distributions screen 10. There is no other format available for Grantor Trusts in Lacerte. However, there are Grantor letter options available in the Grantor Letter Options screen 11, should you wish to use them.
To learn more about viewing multiple grantor letters in a grantor trust client file, go to our website www.lacertesoftware.com and click on Support. In the Search The Knowledge Base field, enter "kb1030709 ." This will bring up an article showing you how to switch between each grantor's letter.
